Real Estate Pro Articles

More Homes End in Sheriff Sales As Owners Fail to Get Modification

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
A big number of residential properties in Bakersfield, California have reportedly ended up in Sheriff Sales after owners failed or gave up on getting their mortgage loans modified. According to residents, banks are moving at a snail's pace when it comes to approving applications for mortgage modifications.

According to homeowners, since the problem of foreclosed homes in Bakersfield, CA started getting worse, a bigger number of owners have lost their properties to foreclosure compared with those who have successfully negotiated a modification. Some homeowners have complained that they were unable to get beyond the customer service representatives when they try to call and these agents are not in a position to make any decision so most applicants just abandon the attempt.

A lot of buyers find foreclosed homes for sale in California that were formerly owned by people who just got tired of the long application process that residents claim did not get them anywhere. Several organizations have been established in the area to help troubled homeowners and one of them is the Service Corps of Retired Executives (SCORE).

SCORE is made up of retired real property professionals who help troubled borrowers by providing advice and assistance in their attempt to secure a mortgage modification and to prevent their properties from ending up in Sheriff Sales. According to these professionals, the main problem is in the lack of communication among the different units in a lending institution. They stated that most divisions are not aware what other divisions are doing, thereby causing confusion and a hold-up in processing applications.

In other cases, homeowners receive lenders' promises, some even in writing that their properties will not be put up as one of the many foreclosed homes for sale while their application is pending, but these properties are still sold or auctioned off. Lenders, for their part, have denied such claims, arguing that federal law prohibits foreclosing on a property while a loan modification case is ongoing.

Mortgage servicers and lenders also asserted that they are doing all they can to prevent properties from ending in Sheriff Sales while a modification application is pending, but the huge volume of applications have prevented them from moving quickly through the process.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles